Friday, January 21, 2011

IRS Mileage Rates for 2011 Announced

The IRS has released the mileage deduction rates for 2011.
* 51 cents per mile for business miles driven
* 19 cents per mile driven for medical or moving purposes
* 14 cents per mile driven in service of charitable organizations
This rate is taken in lieu of repairs and other costs involved with the maintenance of an automobile. It's always best to do a side by side comparison to find out whether taking the mileage or deducting maintenance costs will give you the biggest deduction. In our firm we have found that taking the mileage is usually the best way to go.

1 comment:

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